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Preliminary Official Statement Dated August 24, 2016

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Preliminary Official Statement Dated August 24, 2016 PRELIMINARY OFFICIAL STATEMENT DATED AUGUST 24, 2016 REFUNDING ISSUE RATINGS: See “Ratings” herein In the opinion of DeCotiis, FitzPatrick & Cole, LLP, Bond Counsel, assuming continuing compliance by the City of Newark (the “City”) with certain covenants described herein, under current law, interest on the Bonds is not includable in gross income for federal income tax purposes and is not an item of tax preference under Section 57 of the Internal Revenue Code of 1986, as amended (“Code”), for purposes of computing the federal alternative minimum tax; however, interest on the Bonds held by corporate taxpayers is included in the relevant income computation for calculation of the federal ds described herein, the City will City the herein, ds described alternative minimum tax as a result of the inclusion of interest on the Notes in “adjusted current earnings”. No opinion is expressed regarding other federal tax consequences arising with respect to the Bonds. Further, in the opinion of Bond Counsel, under current law interest on the Bonds and any gain on the sale thereof are not includable as gross income under the New Jersey Gross Income Tax Act. See “TAX MATTERS” herein. CITY OF NEWARK in the County of Essex, New Jersey $25,000,000 QUALIFIED GENERAL OBLIGATION OPEN SPACE BONDS, SERIES 2016 (RIVERFRONT PARK) inal. inal. the Bon Upon the sale of Dated: Date of Delivery Due: September 15, as shown on inside front cover The $25,000,000 aggregate amount of Qualified General Obligation Open Space Bonds, Series 2016 (Riverfront Park) (the “Bonds”) will be issued as fully registered Bonds and, when issued, will be registered in the name of and held by Cede & Co., as nominee for the Depository Trust Company (“DTC”). Purchases of the Bonds will be made in book-entry-only form (without certificates) in denominations of $5,000 or multiples of $1,000 in excess thereof. So long as DTC, or its nominee Cede & Co., is the registered owner of the Bonds, payments of the principal of and interest on the Bonds are to be made directly to Cede & Co., which is to remit such payments to DTC participants, which in turn is to remit such payments to the beneficial owners of the Bonds (see “BOOK-ENTRY ONLY SYSTEM” y Official Statement is Statement y Official deemed f herein). The principal of the Bonds is payable on September 15 in the years set forth on the inside front cover of this Official Statement, and interest on the Bonds is payable semiannually on March 15 and September 15 in each year, commencing March 15, 2017, to the registered owners thereof at their respective addresses as they appear on the registration books of TD Bank, National Association, as bond registrar and paying agent (the “Paying Agent”), until the City’s obligations with respect to payment of the principal of the Bonds shall be discharged. Provided DTC or its nominee Cede is the registered owner of the Bonds, payment of the principal, redemption premium, if any, and interest on the Bonds will be made directly to DTC or its nominee, which is obligated to remit such principal, redemption premium and interest to DTC Participants, as defined herein. DTC Participants and Indirect Participants, as defined herein, will be responsible for remitting such payments to the beneficial owners of the Bonds. See, “BOOK-ENTRY ONLY SYSTEM”, herein. The Bonds are subject to redemption prior to maturity as set forth herein. The Bonds are authorized pursuant to a bond ordinance numbered 6PSF – A(s)16-0607 duly adopted by the Municipal Council of the City on May 26, 2016, approved by the Mayor and published as required by law on June 4, 2016 and a bond resolution authorizing the issuance and sale of the Bonds on a competitive basis adopted on August 23, 2016. The Bonds constitute general obligations of the City of Newark, in the County of Essex, New Jersey (the “City”), and the full faith and credit and unlimited taxing power of the City are pledged to the payment of the principal of and interest on the Bonds. The Bonds are also are entitled to the benefits of the Municipal Qualified Bond Act, Title 40A of the New Jersey Statutes, Section 40A:3-1, et seq., as eption of the specific information permitted to be omitted by Rule 15c2-12 of the Securities and Exchange Commission. The City has authorized distribution s and others. In accordance with Rule 15c2-12, this Preliminar this 15c2-12, Rule with accordance In others. s and ys following such sale. such following ys amended (the “Municipal Qualified Bond Act”, such bonds being called “Qualified Bonds”). The Bonds are not a debt or obligation, legal, moral, or otherwise, of the State, or any county, municipality or political subdivision thereof, other than the City. The Bonds are offered when, as and if issued by the City and delivered to the purchaser, subject to the approval of legality by DeCotiis, FitzPatrick & Cole, LLP, Bond Counsel, and other conditions described herein. Certain legal matters will be passed on for the City by Willie Parker, Esq., Corporation Counsel. It is expected that the Bonds will be available for delivery on or about September 21, 2016. The Bonds are to be delivered through the facilities of DTC in New York, New York. t within seven (7) business da business (7) seven t within tatement, complete with the exc This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. ELECTRONIC PROPOSALS FOR THE PURCHASE OF THE BONDS WILL BE RECEIVED ON THURSDAY, AUGUST 31, 2016 IN ACCORDANCE WITH A NOTICE OF SALE, DATED AUUGUST 24, 2016, RELATING TO THE SALE OF THE BONDS. Dated: August __, 2016 deliver a final Official Statemen This is a Preliminary Official S of this Preliminary Official Statement to prospective purchaser CITY OF NEWARK in the County of Essex, New Jersey $25,000,000 QUALIFIED GENERAL OBLIGATION OPEN SPACE BONDS, SERIES 2016 (RIVERFRONT PARK) Maturity Principal Interest Maturity Principal Interest (September 15) Amount Rate Yield CUSIP* (September 15) Amount Rate Yield CUSIP* 2017 $1,000,000 2027 $1,300,000 2018 1,000,000 2028 1,355,000 2019 1,000,000 2029 1,420,000 2020 1,005,000 2030 1,490,000 2021 1,040,000 2031 1,560,000 2022 1,070,000 2032 1,635,000 2023 1,110,000 2033 1,720,000 2024 1,150,000 2034 1,805,000 2025 1,195,000 2035 1,900,000 2026 1,245,000 * "CUSIP" is a registered trademark of the American Bankers Association. CUSIP numbers are provided by Standard & Poor’s, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. The CUSIP Numbers listed above are being provided solely for the convenience of Bondholders only at the time of issuance of the Bonds and the City does not make any representations with respect to such numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP number for a specified maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds. CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAYOR Ras J. Baraka CITY COUNCIL MEMBERS Mildred C. Crump, President, At-Large Augusto Amador, Vice-President, East Ward Gayle Chaneyfield Jenkins, Central Ward Carlos M. Gonzalez, At-Large John Sharpe James, South Ward Joseph A. McCallum Jr., West Ward Eddie Osborne, At-Large Luis A. Quintana, At-Large Anibal Ramos, Jr., North Ward BUSINESS ADMINISTRATOR John Kelly DIRECTOR OF FINANCE AND CHIEF FINANCIAL OFFICER Danielle Smith CITY CLERK Kenneth Louis CORPORATION COUNSEL Willie Parker, Esq. AUDITORS Samuel Klein and Company Certified Public Accountants Newark, New Jersey BOND COUNSEL DeCotiis, Fitzpatrick & Cole, LLP Teaneck, New Jersey FINANCIAL ADVISOR NW Financial Group, LLC Hoboken, New Jersey No dealer, broker, salesperson or any other person has been authorized by the City of Newark, in the County of Essex, New Jersey (the “City”) or the Underwriter to give any information or to make any representations, other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by the foregoing. The information contained herein has been provided by the City and other sources deemed reliable; however, no representation or warranty is made as to its accuracy or completeness and such information is not to be construed as a representation or warranty by the Underwriter or, as to information from sources other than the Underwriter, by the City. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale hereunder shall, under any circumstances, create any implication that there has been no change in any of the information herein since the date hereof, or the date as of which such information is given, if earlier. References in this Official Statement to laws, rules, regulations, resolutions, agreements, reports and documents do not purport to be comprehensive or definitive. All references to such documents are qualified in their entirety by reference to the particular document, the full text of which may be inspected at the offices of the City during normal business hours.
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